The SEC provided guidance on ICA Rule 30e-3 (the "Rule") to certain registered investment companies. The Rule will allow an optional "notice and access" method for the delivery of shareholder reports by permitting mutual funds to make online delivery of shareholder reports to investors.
As previously covered, the Rule will allow mutual funds to make shareholder reports available on a website specified in a notice to investors. The guidance addresses (i) the principal requirements that mutual funds must meet in order to provide reports to investors online, (ii) the rule's extended transition period and (iii) the process that financial intermediaries may follow to provide online mutual fund reports to their customers.
Funds will be allowed to rely on the new rule beginning January 1, 2021.
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